Convenor of ExCo Non-official Members speaks on Budget
The following is issued on behalf of the Executive Council Secretariat:
Following are the remarks by the Convenor of the Non-official Members of the Executive Council (ExCo), Mrs Regina Ip, at a media session on the 2025-26 Budget in the Legislative Council Complex this afternoon (February 26):
Reporter: Does the Executive Council believe that the cuts in measure in this current budget have been enough? Would it be able to lift Hong Kong out of the current deficit that we are encountering now? And the second question, does the city itself need to consider alternate revenue streams to help better balance the books in the long term, as stated by some observers? Will it consider things like sales tax or other forms of revenue increase for the Government? Thank you.
Convenor of ExCo Non-official Members: The Financial Secretary made it quite clear that by the year 2027-28, I think, cumulatively, there will be 7 per cent cuts in Government expenditure. And, the Government will delete 10 000 Government positions and will ask the Director of Audit to discuss with Heads of Departments and Bureaux Directors how to achieve further savings. I think the Government is working very hard to cut back unnecessary Government expenditure. As for sources of revenue, I think it is entirely correct to stick to the "user pays" principle. The Government said that it would consider restoring tunnel fees and will consider charging cross-border private vehicles at land control points $200 per private vehicle, which is not a new proposal. It was first proposed by then Financial Secretary Anthony Leung back in 2003. And as the Government said, as the Government implements global minimum tax in accordance with the requirement of G20 nations, in the next five years, there will be $15 billion additional revenue, plus possible revenue after Government has studied the possibility of instituting basketball betting, that sort of thing, to counter illegal online betting. I think the Government is looking at different sources of revenue and also instituting cutbacks of government expenditure, which we fully welcome.
Reporter: In this year's financial budget, civil servants' pay will be frozen and there is an adjustment on the $2 transport subsidy. What's your opinion on such adjustment?
Convenor of ExCo Non-official Members: I think freezing public servants' pay, including our pay, legislators' pay, is the best option forward in the present circumstances. Cutbacks will have ripple effects on the private sector, and it will affect the labour sector as well. As for the $2 transport concession, which has been the focus of much public attention, I think the Government measures introduced to make it sustainable are fairly moderate. No impact on the qualifying age of those benefiting from this concession, but would help to resolve the problem of paying very little fare for very long journeys.
(Please also refer to the Chinese portion of the remarks.)
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia
The Hong Kong Economic and Trade Office in New York (New York ETO) hosted a business forum and spring reception on March 12 (Philadelphia time) in Philadelphia, one of the most significant life science clusters in the United States, to promote Hong Kong's expanding role as a global hub for health and life sciences innovation and to explore opportunities for cross-border collaboration. Over 130 business leaders, investors, and innovators from across Greater Philadelphia gathered to learn more about Hong Kong's role as an international life and health science hub.
As part of the Economic and Trade Express initiative, the business forum was co-organised by the New York ETO, Invest Hong Kong, and the Hong Kong Trade Development Council (HKTDC), strengthening efforts in trade and investment promotion, and reinforcing Hong Kong's role as a "super connector" and "super value-adder".
In her welcome remarks, the Director of the New York ETO, Ms Maisie Ho, highlighted Hong Kong's remarkable progress in life sciences and healthcare, emphasising the latest measures to propel Hong Kong's life sciences and health technology ecosystem through a multipronged approach.
She elaborated on Hong Kong's integrated development plan, including reforming the evaluation regime for drugs and medical devices, promoting the use of real-world data to facilitate clinical research, setting up dedicated institutes and academies for research and clinical trials at the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone in the Northern Metropolis, as well as dedicated efforts in attracting strategic enterprises, with a view to further strengthening Hong Kong's position as a leading health and innovation node.
Ms Ho added that Hong Kong's well-established financial ecosystem continues to play a pivotal role in supporting this growth. "Hong Kong ranks as the world's second-largest biotech fundraising hub, supporting a diverse range of innovative companies," she said.
The business forum featured two keynote presentations connecting life sciences and health innovation between Philadelphia and Hong Kong. In her keynote presentation, the Head of Business and Talent Attraction/Investment Promotion of the Invest Hong Kong in New York, Ms Yi Xie, highlighted Hong Kong as a launchpad for life sciences, showcasing its well- developed research and development infrastructure, robust intellectual property protection, and strategic gateway to the Guangdong–Hong Kong–Macao Greater Bay Area and Asia-Pacific markets. Meanwhile, the Director (New York & Midwest) of the HKTDC, Mr Curtis Louie, shared the range of support the HKTDC provides to Philadelphia companies, including matchmaking services for companies, and encouraged delegation participation in the upcoming Asia Summit on Global Health.
The presentations were then followed by a panel discussion moderated by the President and Chief Executive Officer of the Science History Institute, Dr David Cole, featuring the Founder and Chief Executive Officer of the ConSynance Therapeutics, Dr Liu Shuang; the Head of Global Business Development of the Jecho Laboratories, Dr Sarah Johnson; and the Director, Deal Advisory, US-China Corridor of KPMG, Mr Jon Hung. The speakers discussed collaboration, fundraising, clinical development, and market expansion in Asia.
On the same evening, Ms Ho hosted a spring reception for guests from the city's political, business, financial, and academic communities.
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
New York ETO promotes Hong Kong's life sciences and health innovation in Philadelphia Source: HKSAR Government Press Releases
